Global Biosimilars Market worth USD 3 billion in 2016 and expected to reach USD 58.40 billion by 2022, at a CAGR of 52.77% from 2016 to 2022.

Our industry experts anticipate that within the biosimilars market, the recombinant glycosylated proteins will be the fastest-growing product segment, growing at a CAGR ranging from 70% to 55%. In addition, oncology will be the largest and the fastest-growing application segment in the market, growing at a CAGR ranging from 80% to 55% by 2022.

KEY BENEFITS OF THE REPORT

In-depth analysis of the key factors is propelling the growth of the global market

Detailed analysis of the geographic region that will witness the strongest growth

Granular analysis of the current market scenario and the expected market grow

KEY PREMIUM INDUSTRY INSIGHTS

The biosimilars market offers many growth opportunities and driving factors as compared to the restraining factors. It is stated by various research scientists that development of biosimilars will drastically reduce the price of the pharmaceutical drugs.

A large number of key companies such as Hospira, Inc., Teva Pharmaceutical, Amgen, and others are in constant efforts to develop biosimilars and are rigorously increasing their research & development expenses on clinical trials to introduce novel biosimilars, driving the market growth.

Amgen, Inc. has a strong research pipeline (phase III molecule) for the biosimilar products, such as ABP 501, ABP 980, and ABP 215.

The demand for biosimilars is also expected to increase due to the rise in the incidences of the diseases such as cancer, cardiovascular diseases, and such others. For these diseases, biosimilars have proven a promising option for the disease diagnosis and mitigation.

Other factors such as rising number of off-patented drugs, positive result of many biosimilar clinical trials and others drive the market growth to a great extent.

However, a strict regulatory framework for the biosimilar manufacturers to develop these products restricts the companies from investing in this market, which in turn would hamper the market growth during the future period.

RESEARCH METHODOLOGY

The research methodology for Scalar Market Research’s biosimilars market report utilizes a combination of top-down and bottom-up research formats. Our primary focus on continuous market tracking, rigorous fact-checking, data-triangulation, and multiple layers of quality control ensures high-quality data that can be leveraged for actionable research insights.